Cryptocurrency lender BlockFi earlier today on Thursday that it’s launching BlockFi Prime, a trading platform for institutional investors and high-net-worth clients.
The service, which features real-time quotes and 24-hour delayed settlement, is going to be available to asset managers, family offices, high-net-worth individuals, hedge funds, private equity firms, and company entities. The firm expects to feature capabilities for margin trading, automated margin lending, and derivatives to the service “in the approaching months,” consistent with an official update.
The move comes on the heels of hiked interest in cryptocurrency markets from institutional investors, dating back to the past year. BlockFi joins competitors Coinbase, Genesis Trading as well as in offering a ‘Prime’ service.
“Our clients were asking us for this and therefore the reason that they’re asking is that we’ve essentially the largest balance sheet record among the new breed of digital-finance firms,” revealed David Olsson, vice chairman and global head of Institutional Distribution at BlockFi, consistent with Bloomberg. “The way that we’ve found out the business from Day One, over than any other of the new digital fintech out there, we were built to serve institutions.”
Earlier few days, BlockFi was reported to be in discussions to boost “several hundred million dollars at a valuation near $5 Bln,” consistent with a report within the Information. The firm raised a $350 Mln Series D at a $3 Bln valuation earlier in March.